Stocks on Wall Street staged a late rally as investors boosted their appetite for risk in safe-haven stock sectors.Earlier in the session, stocks were hurt by disappointing readings of manufacturing and jobs. Concerns about consumer spending surfaced afte
Stocks on Wall Street staged a late rally as investors boosted their appetite for risk in safe-haven stock sectors.
Earlier in the session, stocks were hurt by disappointing readings of manufacturing and jobs.
Concerns about consumer spending surfaced after official figures showed the number of US workers filing new claims for unemployment benefits increased last week.
The Dow Jones Industrial Average closed 24.71 points, or 0.2%, up at 10,434.17, bolstered by gains of more than 1% each in Travelers and General Electric. The Dow’s big losers included Alcoa, off 1.8%, Merck off 1.1% and Home Depot, off 1.2%.
The S&P 500 was up 0.1% at 1116.04, with the utilities category up 0.6%, while consumer staples was up 0.4%. The Nasdaq Composite Index finished 0.05% higher at 2307.16.
Other markets: Europe up, Asia mixed
European stocks moved higher but failed to sustain earlier strength after the job claims data from the US.
Shares in oil giant BP jumped as much as 9.8% in London a day after the company struck a deal with the Obama administration to set aside $US20 billion to cover costs of the oil spill in the Gulf of Mexico.
The Stoxx 600 index rose 0.2% to 254.88, enough to extend its winning run to seven sessions. This matches the seven-session streak that ended September 11, 2009.
Germany's DAX gained 0.5% to 6223.54 and France's CAC-40 added 0.2% to 3683.08. The UK's FTSE 100 advanced 0.3% to 5253.89, boosted by BP’s recovery. In the US, BP's American depositary shares were up modestly, gaining 0.4% to $31.98.
Asian markets finished on either side of break-even after a choppy session Thursday. Sentiment was muted and trading volumes were weak in some markets.
Japan's Nikkei Stock Average lost 0.7% to 9999.40 and China's Shanghai Composite fell 0.4% 2560.25, while Hong Kong's Hang Seng Index added 0.4% 20,138.40 and Indonesia's JSX Composite gained 1.1% 2891.10.
Commodities: Oil down, gold up
Crude-oil futures were lower on oversupply concerns. Light, sweet crude oil for July delivery was down 75USc, or 1%, at $US76.92 a barrel in New York. It traded in a range of $US76.73 to $US77.59 a barrel, failing to climb above Wednesday's settlement of $US77.67 a barrel, the highest level since May 5. August ICE North Sea Brent crude was up 35USc at $US78.49 a barrel.
Gold futures moved higher as rising US jobless claims signaled more bumps in the road to an economic recovery. The most actively traded contract, for August delivery, was up $US13.20, or 1.1%, at $US1243.70 an ounce in New York.
Currencies: Euro up, dollar down
The euro was higher but trimmed some gains as US.equities dipped under the weight of disappointing domestic data. The euro recently traded at $US1.2368 from $US1.2303 late on Wednesday. The dollar was at ¥90.92 from ¥91.41, and the euro was at ¥112.43 from ¥112.46. The UK pound was at $US1.4810 from $US1.4761.
